On 1 July 2022, the first capacity-building workshop of the Latin American Climate Assets Disclosure Initiative (LACADI) took place, in which climate disclosure was presented as a tool to identify and manage climate change opportunities and risks.

One of the most important observations of Mark Lewis, founding member of the Task Force on Climate-related Financial Disclosures (TCFD), was that transition risks are crucial for companies and should be considered in all investment decisions. He concluded that companies that do not show their strategic vision for the future, based on TCFD recommendations, should be a red flag for investors.

The panel discussion on the barriers faced by institutional investors in Mexico to include climate risks and opportunities in their investment decisions included participation from Marité Chavira from Citibanamex, Alejandro Bujanos from Afore Sura, Juan Carlos Belasteguigoitia from Consorcio TCFD Mexico and Eric Osio Cerón from the National Commission of the Retirement Savings System (CONSAR). They highlighted the importance of including climate disclosure and sustainability strategy in all areas of the organisation; the objective of the Afores is not only to guarantee the best return but also the best pension, guaranteeing a better planet; and the importance of investments producing change within the companies receiving capital to reduce their Greenhouse Gas (GHG) emissions. Participants also stressed the need for regulation to establish a guideline or baseline for compliance.

Celine Tapia, from CDP, explained that for financial companies the most important emissions to consider are the emissions they finance with their investments.

One of the main conclusions of the workshop was the importance of starting to share the advances in the processes and mechanisms currently in place within the institutions, as climate disclosure is a process of continuous improvement. To this end, LACADI will work with Afore and insurance companies to identify the status of their disclosure practices and generate recommendations and roadmaps for them to advance in the implementation of the TCFD recommendations.